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Tuesday, 29 May 2012

OncoSec provides update to shareholders, to present at BioFinance 2012

Biopharmaceutical company OncoSec Medical (OTC:ONCS) Tuesday issued a letter to its shareholders reviewing the key developments of the company so far in 2012.

In
a financial update, OncoSec said it recently raised $7.75 million
through a public offering to continue clinical development programs. The
offering was underwritten by Rodman & Renshaw, with Roth Capital
Partners acting as an advisor.

The company currently has over
$6.5 million in cash reserves to fund operations, which it said should
be sufficient to complete current studies.

OncoSec is executing
its clinical development plan based on its OMS ElectroImmunotherapy
platform for the treatment of rare and deadly skin cancers including
metastatic melanoma, Merkel cell carcinoma and cutaneous T-cell
lymphoma.

The company noted that it has initiated and enrolled
several patients in a phase II study for the treatment of metastatic
melanoma, called OMS-I100.

The study is being led by the
University of California in San Francisco, with additional sites at the
John Wayne Cancer Institute in Santa Monica and Lakeland Comprehensive
Cancer Center in Florida. OncoSec expects to report interim clinical
data before year end.

The company has also initiated and
enrolled several patients in a phase II study for the treatment of
Merkel cell carcinoma, called OMS-I110.

The OMS-I110 study is
being led by the University of Washington and the Fred Hutchinson Cancer
Center in Seattle, and OncoSec expects to report interim clinical data
before year end.

OncoSec said it is aiming to initiate and begin
enrolling patients in a phase II study for the treatment of cutaneous
T-cell lymphoma (CTCL), called OMS-I120, by year-end. This study will be
led by the University of California and include multiple centers across
the US, said the company.

"We are pursuing clinical and
regulatory development of our OMS ElectroChemotherapy in the US, Europe
and Asia, including the development of new indications for
ElectroChemotherapy," said Oncosec president and CEO Punit Dhillon in
the letter to shareholders.

"The last several months have
demonstrated our ability to create incremental value from our
advanced-stage OMS ElectroChemotherapy program for the treatment of
primary and recurrent localized solid tumors."

Since the
acquisition of a clinical data set of over 400 patients, OncoSec said it
has compiled, reviewed, and analyzed the data and presented preliminary
results from a phase IV European head and neck cancer trial and phase
I/II breast cancer trial.

The preliminary data sets from the
completed phase III recurrent head and neck cancer studies carried out
in the US are now being analyzed, and the company said it intends to
present the data at the 5th International Head and Neck Cancer
Conference taking place July 21-25.

"We are defining a
regulatory path with the FDA for clinical development of advanced stage
skin cancer and other solid tumor indications," Dhillon said.

"In
addition, we are advancing a commercialization strategy focused on
creating regional partnerships or establishing a global partner to
develop the market potential for OMS ElectroChemotherapy in Europe, Asia
and other emerging markets."

On the corporate front, OncoSec
said it is developing new applications of its OMS ElectroOncology for
treating solid tumors and metastatic disease, with the goal of expanding
market opportunities and establishing additional patents to maintain
its dominance in these areas.

The company noted that its OMS
ElectroImmunotherapy for the treatment of metastatic melanoma and Merkel
cell carcinoma was featured in Xconomy, Medical Device & Diagnostic
Industry, Manufacturing Chemist, and the San Diego Business Journal.

OncoSec
also said that its OMS therapy was featured as a "revolutionary cancer
treatment" for Merkel cell carcinoma by a local NBC News affiliate in
Seattle, Washington.

"OncoSec sees the initial market for its OMS ElectroImmunotherapy exceeding $500 million in the US alone," Dhillon said.

"Melanoma
and other skin cancers are deadly diseases with very limited treatment
options (i.e. limited competition). We have a highly focused effort to
develop a new generation of immunotherapy products to provide better
care to these patients and we are passionate about the progress of our
programs."

In other news, OncoSec announced Tuesday it will be presenting at BioFinance 2012 in Toronto on May 30.

BioFinance
2012 is the Canadian forum for some of the most innovative minds in the
life sciences industry, with attendance ranging from company CEO's,
CFO's and senior executives, institutional and private equity investors
from the US and Canada, industry analysts, corporate finance executives
and experts from pharmaceutical, agriculture biotech communities in
Canada, the US and Europe.

OncoSec Medical is a
biopharmaceutical company developing advanced-stage OMS ElectroOncology
therapies to treat solid tumors and metastatic disease. The company said
that treatment of various solid cancers using targeted anti-cancer
agents has demonstrated selective destruction of cancerous cells while
sparing healthy normal tissues during early and late stage clinical
trials.